The Reagan Initiative | It’s called the Reagan Initiative not to just to honor the greatest President of the 20th century, but because it is an extension of his legacy.
Ronald Reagan ran for President in order to attack the federal deficit, and sluggish economic growth, from the supply side. Cutting taxes stimulated economic activity, producing higher revenues with lower rates. This created one of the greatest economic expansions in our history. It set the stock market off on a eighteen year bull run, with the Dow going from 777 in August of 1982 to 11,723 in January of 2000. The wealth produced allowed Reagan to engage in a massive expansion and modernization of our armed forces. Economically stagnant, the Soviet Union couldn’t compete, and at the end of the 80’s collapsed. Reagan won the Cold War, in part, with supply side economics.
The Reagan Initiative attacks our current deficit, and sluggish economic growth, from the supply side as well. The transfer of excess federal lands to the states will produce wealth that will be shared by the states and the federal government. It cuts the deficit, and balances the budget, from the supply side. Regulatory reform will again produce wealth, increasing revenue to the federal government, helping to cut the deficit, and balance the budget.
There are three sections of the Reagan Initiative. The first is the traditional BBA, with constitutional restraints on federal debt and spending. It’s an austerity program. It promises to reduce, or restrain, federal spending. We’ve been trying to sell this medicine for forty years. It’s a hard sell.
The second section would create a Federal Lands Commission, a temporary body composed of one representative from each state. It would have the constitutional authority to approve applications by the states for federal land, so long as such a transfer would increase revenue to the federal government. National Parks, Indian reservations, and military facilities would be ineligible for transfer.
The third section is constitutional regulatory reform. When the Constitution was written they didn’t have regulations. They just had laws. The explosion of regulation creates a need for a constitutional mechanism for Congress to control it. Congress should be able to repeal a regulation by Joint Resolution, not subject to veto. New regulations, at least the more costly ones, would need Congressional approval in order to take effect.
At the Reagan Amendment Summit, in early August, legislative leaders from all over the country will gather to discuss, modify, and refine the ideas outlined above. Hopefully they will be able to agree among themselves that this proposal will be the first, and only, order of business at the Amendment Convention.
Once the American people are made aware of the Reagan Initiative, they will have a decision to make. Is it fair? Would it work? Is there a better idea?
We await their decision. Engage Today.